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Over 600 attendees learned tips for defining and measuring the impact of marketing innovation.
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Dec 09, 2021, 10:05 ET
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SAN ANTONIO, Dec. 9, 2021 /PRNewswire/ — At the 8th annual Digital Marketing for Financial Services New York Summit, CapabilitySource engaged financial services marketers with an informative presentation on achieving best-in-class marketing innovation. CapabilitySource’s session was hosted by President and CEO Glenn Coward and Marketing Manager Eve Bova, and shared industry stats, insights and a case study with the Summit’s 600 virtual attendees.
With 21 percent of firms’ marketing budgets being allocated to innovation on average, CapabilitySource’s presentation aimed to help marketers demystify and concretely define the concept.
Coward shared a series of facts, gathered from close relationships with industry analysts, to contextualize marketing innovation and show how critical it is to firms’ operations today. One figure showed that 91 percent of organizations struggle to measure the impact of their innovation efforts. A major reason for this is the lack of definition of the term, which results in inadequate metrics for measuring success.
"At CapabilitySource, we define marketing innovation as new things or new ways that create value for marketers or consumers," said Coward. "If it’s not new to marketers and it’s not new to consumers, then it is not a marketing innovation."
Understanding what marketing innovation entails is essential for firms to identify and prioritize innovation opportunities that can make the most organizational impact. Marketing Manager Eve Bova gave one example noting that while a firm switching marketing agencies was in fact a change, it was not necessarily an innovation. True innovation could be accomplished by introducing new technology to exchange work with the agency, ultimately introducing a new way for the firm and agency to interact.
The session also highlighted a Gartner case study that compared the earnings of 729 companies throughout a 19-month recession period and thereafter. While all companies reactively focused on cost reduction and optimization, the study found that the 60 companies whose earnings grew over the period also focused heavily on innovation.
"During times of change, there is great opportunity," stated Coward. "We’ve been in a time of change over the last couple years and this is the time to take advantage of marketing innovation and doing new things in new ways. These 60 companies took that time and they made an opportunity for themselves by innovating. We can do the same now."
To watch CapabilitySource’s full session, click here.
About CapabilitySource: CapabilitySource is a marketing operations consultancy that provides technology strategy, implementation, integration and support services with specializations in collaborative work management and marketing innovation. We help marketers in companies of all sizes use innovative approaches to solve every day, operational challenges and establish unique competitive advantages. Our team delivers solutions that realize up to $1 million in annual cost savings while increasing marketing capacity by up to 30 percent.
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